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Moody's keeps Turkey one notch below investment grade

Published on Nov 21, 2012 6:43 AM

ISTANBUL (REUTERS) - Moody's confirmed its Ba1 credit rating for Turkey on Tuesday saying that although its public finances had signficantly improved, large external imbalances meant it remained vulnerable to shocks.

"Moody's notes that Turkey's resilience to economic, financial, and political vulnerabilities has been strengthened considerably in recent years," it said in its annual credit report on the country.

"(But) it is constrained by a high susceptibility to event risk due to the size of the country's external imbalances."